Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1887-07-27
THE CONDITION OF TRADE.
A. WEEKS BUSINESS REVIEWED BY
DUN e. CO.

Pending Suits Over the Baltimore b Ohio
Deal Tend to Disturb Wall Street-Ex-
traordinary Low Price OF Wheat -
Anxiety About the Supply OF Money
Failures for n Week. r, -
New YORK, July e5.-R G. DUN & Co.'S
weekly review Of trade says: With business
progressing we'll throughout the country,
crop prospects excellent, IRON prodacim
larger than at any previous period, and
money in abundant supply, Wall street b
disturbed because dream tt-has been chas
ing for months suddenly fades away and
Mr.. Garrett announces the failure OF Mr..
Ives to buy the Baltimore s. Ohio. The In
cideut illustrates the weakness Of Wall
street as barometer. For four months the
street has been discounting the beneficial re-
suits of this expected settlement, 1" and all
sorts of purchases, loans, comnlitlnents,
and calculations have been based thereon.
But for these, the retention Of the Baltimore
& Ohio by its old owners would disturb no
body. But now litigation, Involving the
value of many properties, directly and in
directly, has been commenced and may over
load them with uncertainty for soma time,
and meanwhile no one wants to buy q share
in lawsuit.
Wheat, at $50 cents for No. red winter
in July is lower than it has bcen before in
that month for mora than forty years, and
close to the lowest prizes for that period In
any month. This is the direct result Of spec
ulation which drew many million bushels
from farmers hands, where cost OF cafryinE
was nothing, into the hands Of dealers
who are anxious to unload !betore0n new wheat
comes. The 10000, 900 bushels In . few ele-
vators are heavier that 81, oo, 600 bushels
would be in farmers bins Still purchases
from farmers for some time to come are prob
able, and the consequent delay in demand for
money to use in crop moving may possibly
be helpful.
Prices generally are low, in spite Of many
speculations AS evidence of the absorption
of floating capital in fixed forms, and its ef
fects, it may be stated that the same quanti-
ties of articles, representing nine-tenths Of
the aggregate consumption OF the country,
which could have been bought a year ago for
$lUO would now cost only about 500. so, and
they were not per cent. higher in January
last So small a change in princes after an
expansion of sos, 0OO, 0OO during the year, In
circulation, is surprising.
The official bulletin of the Iron and Steel
association makes the production for the half
year 3,O5l $50 tons, and reports a slight in.
crease in stocks of unsold iron, making the
consumption Il, 900 tons less than production
and imports.
Reports from all parts Of the country are
uniformly favorable as to state Of trade for
the season, and collections are reported good
or fair at all points save two. The crop
prospects are also pronounced more favora-
bic, though the extent of damage done by
drought and insects can not be ex
actly determined. One feature in current re-
ports that should be noticed is that the south
actually made less iron by IA, 600 tons in the
first half of 1887 than in the last half of 1875,
notwithstanding all the expansion of facilities
widely heralded, and there are signs of abate-
ment of real estate enthusiasm at some west
ern points.
Anxiety about the supply of money for the
fall revives discussion of treasury operations
but indications are that no purchase Of bonds
will be made if it can be avoided. The treas
ury has taken in s., 900 ,0O0 more than it has
paid out during the past week, but large dis
bursements are expected about Aug. l. Ex-
ports improve, for three weeks having ex-
decided last years by per cent, against the
increase of $50 per cent. in imports. For
eign exchange tends upward, however,
and some sales of securities on foreign &C
count are reported The course Of stocks has
indicated hesitation and weakness and the
narrow bank reserves for the season affec Is
with timidity most speculative market
There were in the United States during |
the past seven days 147 failures, and In
Canada, 25; total, 172. For the preceding |
week, 49, and for the same week in 1886, |
1872